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Oct 25, 2012
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the equity guys say romney would be a short-term positive for equities. >> if romney's elected and bernanke leaves, that changes the equation. that's, i think, a concern that's been in the market for the last week or so. i understand what they're saying about the short-term positive. but i think this market's about monetary stimulus. it's about the fed. that's what's been driving it. if romney wins and bernanke leave, the fed's gone. that's what the market is worried about. >> all right, gentlemen. thank you for your thoughts today. appreciate it. >> we'll see you soon, guys. thanks. >> all right. heading toward the close here with about 53 minutes left in the trading session. here we go again. hugging the unchange level, wondering whether we're going to have an up day or down day. >> there are a number of companies actually hitting new highs. we're going to get to that after this short break. even with the lackluster performance, we've got some good winners here. don't go anywhere. we're just getting started on this jam-packed edition of the "closing bell." >>> coming up, simple arrhythmia
the equity guys say romney would be a short-term positive for equities. >> if romney's elected and bernanke leaves, that changes the equation. that's, i think, a concern that's been in the market for the last week or so. i understand what they're saying about the short-term positive. but i think this market's about monetary stimulus. it's about the fed. that's what's been driving it. if romney wins and bernanke leave, the fed's gone. that's what the market is worried about. >> all...
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Oct 26, 2012
10/12
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even if romney wins, we'll continue to repeat the same mistakes. obama is repeating the mistakes much bush and the fed is still there, ben bernanke has been repeating the mistakes of gre greenspan. jo think we have change until we have a monetary crisis. that is looming on the horizon sometime soon. >> folks, thank you for joining us. we'll see what happens here as we head into the final hour of trade. >> bob insana was driving the market? >> the fact that apple isn't having the volatility that people thought. we were lower, 1.5% to the downside but apple is essentially flat on the day on huge volume. north of 30 million shares, that's what driving things today. there's a lot of talk about the impact of hurricane sandy but not a lot on the stock market. there's been play on roofing and water proofing company up a little bit here. rpm and wr grace do a lot of water proofing but i don't see heavy volume. insurance companies, understandably, some of the ones with exposures, little weak. travelers and chubb, not big volume in them. whitewave foods thin
even if romney wins, we'll continue to repeat the same mistakes. obama is repeating the mistakes much bush and the fed is still there, ben bernanke has been repeating the mistakes of gre greenspan. jo think we have change until we have a monetary crisis. that is looming on the horizon sometime soon. >> folks, thank you for joining us. we'll see what happens here as we head into the final hour of trade. >> bob insana was driving the market? >> the fact that apple isn't having...
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Oct 23, 2012
10/12
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the market wants romney to win. the market's going to rally if he wins. the market's going to sell off if obama wins. from here until two weeks from today, i think the market's going to continue under pressure. the question s do we continue with that pressure into year end or do we reverse it on an emotional high from a romney victory? 2013 is going to be a different story, but the last two months of the year will be purely on election emotion. >> and let me bring up another point. there was a story in "the new york times" this morning that ben bernanke is telling people privately he doesn't want a third term as fed chairman at this point. how much of that could be part of the selloff? >> i wouldn't link it to a rumor. it's too broad based and seems to be too much tied to the earnings announcements. having said that, while i think an election is important, i'm not sure which candidate is actually going to be good for the market. the reason is, to the extent we see a significant pullback on the spending, even by the government, i'm not sure that's going to
the market wants romney to win. the market's going to rally if he wins. the market's going to sell off if obama wins. from here until two weeks from today, i think the market's going to continue under pressure. the question s do we continue with that pressure into year end or do we reverse it on an emotional high from a romney victory? 2013 is going to be a different story, but the last two months of the year will be purely on election emotion. >> and let me bring up another point. there...
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Oct 24, 2012
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if governor romney gets elected, he says he's going to make changes and repeal aspects of the law. how do you see this playing out? >> he's not going to be able to repeal it because the republicans have voted many, many times in the house and haven't voted to repeal any aspect of the reform bill. it's popular with the public. it's the most popular thing we've done. what mr. romney would do if he got elected, which i do not expect, but if he were to be elected, he would appoint people who wouldn't operate it, who wouldn't use the rules. we'd go back to where we were before. we didn't have enough regulations, but we had some. we had regulators who wouldn't use. that's what would happen. as to the implementation, first of all, i'm happy with it. these are complicated things. look, one of the biggest problems we have, the biggest change i would have made if i had a magic wand, i would emerge the commodity exchange commission. it shouldn't overlap. one from the agriculture community, one from the financial. i'm very glad we were able to work it out. there are ten commissioners. you got
if governor romney gets elected, he says he's going to make changes and repeal aspects of the law. how do you see this playing out? >> he's not going to be able to repeal it because the republicans have voted many, many times in the house and haven't voted to repeal any aspect of the reform bill. it's popular with the public. it's the most popular thing we've done. what mr. romney would do if he got elected, which i do not expect, but if he were to be elected, he would appoint people who...
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Oct 22, 2012
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congressman paul ryan, mitt romney's running mate, has called the payroll tax cut sugar high economics. that 2% at a roll tax cut on wages is used to fund social security. aarp arguably the most powerful lobby for seniors says after two years a further extension sets a bad precedent in undermining funding for social security. it will be over the fate of the bush tax cuts especially for rich americans versus extending middle class tax cuts. so can we say negotiations? >> can we is the question. thanks, hampton. how will this battle play out? andrew fieldhouse is with economic policy institute. he says allowing social security tax cut to expire puts too much drag on the economy right now. alex is an economist and research fellow at the american enterprise institute who thinks the tax cut was and still is a bad idea. andrew, why should the payroll tax cut be extended? >> it's premature to withdraw any fiscal stimulus at this point. both sides of the aisle are concerned now that it will push the economy back into a recession. it's important to understand that expiring ad hoc fiscal stimulu
congressman paul ryan, mitt romney's running mate, has called the payroll tax cut sugar high economics. that 2% at a roll tax cut on wages is used to fund social security. aarp arguably the most powerful lobby for seniors says after two years a further extension sets a bad precedent in undermining funding for social security. it will be over the fate of the bush tax cuts especially for rich americans versus extending middle class tax cuts. so can we say negotiations? >> can we is the...
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Oct 22, 2012
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also, mitt romney needs to be known in the role as commander in chief. i think he will, like ronald reagan, project the belief of peace through strength but at the same time he's very aware that americans are war weary. they don't want to go into anymore wars. they want us out but they want peace with honor and not just a withdrawal and disarray as what happened in iraq and likely to happen under afghanistan under this guy and of course relations with russia and including the latest debacle in libya. >> senator, i don't understand. this whole benghazi story boggles the mind. it was september 11th. the embassies burned. our ambassador is murdered. "the wall street journal" reported that the cia told the president for ten days in his daily briefings that we could see an attack on the u.s. consulate and there was the result of protests. why would the president not call it out for what it was on day one? why wait so long to tell the american people that it was a terrorist attack? is it to justify defense cuts? to make everybody believe since bin laden is dea
also, mitt romney needs to be known in the role as commander in chief. i think he will, like ronald reagan, project the belief of peace through strength but at the same time he's very aware that americans are war weary. they don't want to go into anymore wars. they want us out but they want peace with honor and not just a withdrawal and disarray as what happened in iraq and likely to happen under afghanistan under this guy and of course relations with russia and including the latest debacle in...
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Oct 25, 2012
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you see that the romney campaign spent over $298 million. the republican national committee peopled on another $249 million. the top three pro-romney super pacs added a whopping $156.5 million. again, according to the center for responsive politics. total spent, more than $700 million. so far, team obama manages to outspend the romney camp by more than $75 million. keep in mind, this doesn't include all of the spending still going on in october, a key month in any election year. that's going to push through to election night. there's going to be a lot more spending still to come. these are the numbers as we're looking at it so far. >> wow. big numbers there. thanks so much, eamon. >>> up next, the drum beat gets louder ahead of apple's results due out minutes from now. we'll bring you the report the second they hit the street along with instant analysis. stay with us. americans are always ready to work hard for a better future. since ameriprise financial was founded back in 1894, they've been committed to putting clients first. helping gener
you see that the romney campaign spent over $298 million. the republican national committee peopled on another $249 million. the top three pro-romney super pacs added a whopping $156.5 million. again, according to the center for responsive politics. total spent, more than $700 million. so far, team obama manages to outspend the romney camp by more than $75 million. keep in mind, this doesn't include all of the spending still going on in october, a key month in any election year. that's going to...
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Oct 23, 2012
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leading a vanguard of wealthy owners to a super pac supporting mitt romney. we'll talk about mitt romney's prospects for victory, what that could mean for the market, and where he's putting money right now. >>> up next, ex-goldman sachs banker greg smith hoping his new book will catapult to the best sellers book. he'll sit down with me after the break about what's in that book. [ male announcer ] this is steve. he loves risk. but whether he's climbing everest, scuba diving the great barrier reef with sharks, or jumping into the market, he goes with people he trusts, which is why he trades with a company that doesn't nickel and dime him with hidden fees. so he can worry about other things, like what the market is doing and being ready, no matter what happens, which isn't rocket science. it's just common sense, from td ameritrade. >>> welcome back. first, greg smith sent this fiery resignation letter to goldman sachs that was published as a "new york times" op-ed. that raised the curiosity of outsiders about the secret nature of the bank. people leave goldman a
leading a vanguard of wealthy owners to a super pac supporting mitt romney. we'll talk about mitt romney's prospects for victory, what that could mean for the market, and where he's putting money right now. >>> up next, ex-goldman sachs banker greg smith hoping his new book will catapult to the best sellers book. he'll sit down with me after the break about what's in that book. [ male announcer ] this is steve. he loves risk. but whether he's climbing everest, scuba diving the great...
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Oct 26, 2012
10/12
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i think people have seen the real mitt romney, the individual who has had an incredible track record of success, solving complex problems both in the private sector at bain years ago but also in the public sock tore in terms of saving the salt lake city olympics and governor of the state of massachusetts during a point in time when we had incredible bigt situation in the state and he was able to solve that. >> that was one of the points he made at the debate. he was able in the face of different parties, he was able to -- >> go ahead. >> i was going to say, all we can do is look at the track record of the individuals to figure out what might happen going forward. >> even with all of this uncertainty, there's a recent poll of private equity executives that say they plan to invest more in 2013. are you in that camp? >> i think, again, it's hard to predict our hope is that there will be some level of growth particularly as the political environment evolves. >> you're waiting for the election like everybody else? >> waiting for the election like everyone else. >> exactly. >> sitting on c
i think people have seen the real mitt romney, the individual who has had an incredible track record of success, solving complex problems both in the private sector at bain years ago but also in the public sock tore in terms of saving the salt lake city olympics and governor of the state of massachusetts during a point in time when we had incredible bigt situation in the state and he was able to solve that. >> that was one of the points he made at the debate. he was able in the face of...
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Oct 24, 2012
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should ben bernanke, even if he stays until 2014, if it looks as though mitt romney is going to win, i think the market has to make an adjustment long before the fed chairman actually leaves his post next year. >> all right. so you're talking about a change in the white house as well as a change in the federal reserve. thanks, guys. really appreciate your time tonight. see you soon. >> thank you. >> bob, this market today under some selling pressure. not a bad day, though. fractional moves. >> i think the big hope was that the fed would sort of make some comment about the economy. really didn't happen. there was a bit of a delayed reaction. a very narrow trading range. take a look at the dow jones industrial average. we've been drifting lower for the last several days. we're doing a little bit of technical damage. the hope i had this morning was that maybe they'd upgrade their outlook on housing at least. look at the home builders today. new home sales, highest since april 2010. we got some of the housing starts numbers that were the best in years. i thought they'd upgrade that. they
should ben bernanke, even if he stays until 2014, if it looks as though mitt romney is going to win, i think the market has to make an adjustment long before the fed chairman actually leaves his post next year. >> all right. so you're talking about a change in the white house as well as a change in the federal reserve. thanks, guys. really appreciate your time tonight. see you soon. >> thank you. >> bob, this market today under some selling pressure. not a bad day, though....
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Oct 26, 2012
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josh ryan, -- josh romney was your attendance. these guys are not bragging, but the really think that they -- the momentum is gone their way, and if they just keep doing what they do, what they have been doing they're going to win. now, paul ryan was supposed to come down here. if you remember, early on in the campaign, even two-thirds of the way he would not miss something like this because they need the money. what they have figured is, they're going to get the money anyway. they kept him in ohio. ryan stayed in ohio. romney spent time. making a big push in that state and they think that they can win. the funniest thing of the night was dick cheney. he was talking about the first debate, which obviously romney won by most people's interpretations. he said, the best part of the first debate was turning on msn b.c. after words and watching chris matthews meltdown. i leave you with that. liz: to you have any plans to attend president obama fund-raiser? >> you know, if he wants me that no way give me. liz: he's back into this one. m
josh ryan, -- josh romney was your attendance. these guys are not bragging, but the really think that they -- the momentum is gone their way, and if they just keep doing what they do, what they have been doing they're going to win. now, paul ryan was supposed to come down here. if you remember, early on in the campaign, even two-thirds of the way he would not miss something like this because they need the money. what they have figured is, they're going to get the money anyway. they kept him in...
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Oct 22, 2012
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if romney wins -- if romney wins, this could get more complicated. that could take a month to two months that's where she would be in this job longer, possibly staying out her term. i think her term ends with the presidential term in january. that's where she would be in the job longer. clearly she's out. she is telling people this is it. it's a matter of timing and that is on who wins. if romney wins as president, who might he appoint as sec chairman? two names come up, a commissioner, a republican commissioner currently on the commission, and travellers vice chairman william hayman, a guy that i have known for years, you know, has worked for sandy weill. it's interesting, he managed the citigroup investment portfolio. jpmorgan's investment portfolio is where the london wales situation went down. so william hayman has been around wall street for a long time. he's someone who has done a pretty good job. he's moved up the ranks. he's a very well respected guy. he's considered a prominent republican. i think he's given some money to republicans. his na
if romney wins -- if romney wins, this could get more complicated. that could take a month to two months that's where she would be in this job longer, possibly staying out her term. i think her term ends with the presidential term in january. that's where she would be in the job longer. clearly she's out. she is telling people this is it. it's a matter of timing and that is on who wins. if romney wins as president, who might he appoint as sec chairman? two names come up, a commissioner, a...
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Oct 23, 2012
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>> i guess if you are of the view that mitt romney were to win the election and my sense is since he is a capitalist, my sense is wall street would prefer him and you have the senate and the house go republin bill this week. liz: cannot jump and about that? two hedge fund managers said why somebody pointing out that since mitt romney has taken depending on which portfolio you look, taken the lead since the first debate the market has been down, the market has had some really ugly days, to whic the which wee not seen in months. what makes you believe some type of romney victory when it has been down since he took the lead will somehow show a reversal here? >> trying to answer your question about what could be a surprise to the upside for the market, that is really quite to say since mitt romney caught up to barack obama but somehow that is the cost of the market going down. let's get a reality check. the reality is that maybe going down because it realizes there is nothing new coming out of the fed for some time. with the qe3 plus. a mortgage-backed security bond, but that is already
>> i guess if you are of the view that mitt romney were to win the election and my sense is since he is a capitalist, my sense is wall street would prefer him and you have the senate and the house go republin bill this week. liz: cannot jump and about that? two hedge fund managers said why somebody pointing out that since mitt romney has taken depending on which portfolio you look, taken the lead since the first debate the market has been down, the market has had some really ugly days, to...
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Oct 24, 2012
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obviously mitt romney has not been very conciliatory toward ben bernanke. >> candidate mitt romney is looking for someone who will put more emphasis on price stability and that is understandable. it does seem to me the transition to a full the growing economy will be much better if we look at a price indicators rather than the unemployment rate. liz: what if a new guy comes in and tie-ins rates earlier rather than later? does that derail the economy or improve it? >> not really because no new chairman is going to come in and he immediately changed policy. the change in policy would be rather gradual and tend to get emphasis upon the discussion moving towards policy and that will occur, i believe, when rising house prices causes mortgage mortgage grant equivalent to moved up and that will show up in the core inflation rate. it is better for the fed to be out ahead of that rather than following behind. tracy: a little bit ahead would be a good idea. wayne angell speaking to us exclusively. thank you so much. closing bell ringing in about 48 minutes. how is this for bullish? billions of
obviously mitt romney has not been very conciliatory toward ben bernanke. >> candidate mitt romney is looking for someone who will put more emphasis on price stability and that is understandable. it does seem to me the transition to a full the growing economy will be much better if we look at a price indicators rather than the unemployment rate. liz: what if a new guy comes in and tie-ins rates earlier rather than later? does that derail the economy or improve it? >> not really...
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Oct 25, 2012
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take the first their owe which might be -- the first scenario which might be let's just say that mitt romney gets the presidency? >> the issue is the fiscal cliff, which is if nothing is done, the economy is going to contract by 4% next year. liz: do you think the market tanks on that, would you short things or at least hedge? >> i would hedge. i wouldn't short things because it seems like this market is on a sugar high and has a life of its own. liz: especially because of the fed and all the propping it's done. >> absolutely. liz: that doesn't go away at least for the short-term. >> no, in fact it's a given i think it will be there for quite a while. the question for investors market is up over the past year, if you recall last october it looked like the world was coming to an end. there was a lot of pessimism. right now it seems like the world looks pretty good. investors are complacent. they are confident. so for us historically when that has been the case, that's when we're wary. liz: even a downgrade of the united states triple a rating back in august, remember that, it was nothing, oka
take the first their owe which might be -- the first scenario which might be let's just say that mitt romney gets the presidency? >> the issue is the fiscal cliff, which is if nothing is done, the economy is going to contract by 4% next year. liz: do you think the market tanks on that, would you short things or at least hedge? >> i would hedge. i wouldn't short things because it seems like this market is on a sugar high and has a life of its own. liz: especially because of the fed...